Greening the financial sector of Kyrgyz Republic

During the visit of the delegation from Kyrgyz Republic led by the Deputy Minister of Investments Ulanbek Asanov CEO of AIFC Green Finance Centre Aidar Kazybayev and Aaly Umankulov, Chairman of the Supervisory Board of the Union of Banks of Kyrgyzstan has signed a memorandum of understanding between two organizations.

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The parties have established a common goal to expand the interaction and cooperation between the Union of Banks, its members and the AIFC bodies in the sphere of investment and financial development.

Within the framework of the Memorandum the Union of Banks and AIFC have agreed to work in the areas of development of securities and venture capital markets, Islamic and green finance, and training programs.

It is also highlighted that AIFC Green Finance Centre will continue exchanging the information with Union of Banks on green finance development and stands ready to support the development of national green taxonomy of Kyrgyzstan and assist the second-tier banks in joining the Green Investment Principles for BRI initiative.

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The Astana International Financial Centre (AIFC) was created by the initiative of the First President of the Republic of Kazakhstan, Leader of the Nation, Nur-Sultan Nazarbayev as part of the “100 steps to implement five institutional reforms” national program. The Management council of the AIFC during the council’s meeting on July 2, 2020 approved the Centre’s development strategy until 2025. In accordance with the strategy, the vision of AIFC is in becoming the leading financial centre in the region that includes Central Asia, the Caucasus, EAEU countries, western China, Mongolia, and Eastern Europe.

The mission of the AIFC is in assisting the sustainable and long-term development of the region. As the head of state Tokayev noted, “AIFC, with its unique opportunities, can act as a universal platform that connects the countries in the region.” The strategic directions for the sustainable development of the AIFC include the development of a circular economy, financial technologies, and “digital financial centre.”

For more information about the AIFC, follow the link www.aifc.kz

The AIFC Green Finance Centre is an AIFC Organisation created to enable the development of green finance in Kazakhstan and Central Asia. The main goal is to bring investments to sustainable economy through trending financial instruments, such as green and social bonds. In addition to that, the AIFC Green Finance Centre, being a regional think-tank, provides strategic and business consulting in green finance and sustainable development to Governments, quasi-state organisations and entrepreneurs. The Centre provides initial assistance to potential issuers, investors and market players on preparations for the issuance of green bonds on the AIFC Exchange (Astana International Exchange).